- February 10, 2011 at 11:05 am #20374
I had been pre-qualified (or pre-approved, they never told me which) back in May 2008. I had a letter which stated I was pre-approved for a mortgage loan, and I started looking for a home.
The letter expired in September, and before it did, I called the lender to get it extended. They said I would have to re-apply.
I don’t want to get either a prequal or pre-approval done again if they’re going to pull my credit and lower my score again. If I find a home within a few months, then I expect to have my credit pulled once more when I actually apply for the loan.
Are there any lenders that pre-qualify without pulling credit?
Thanks.February 10, 2011 at 11:46 am #106207
No. You can get pre-approved without a credit score, but that’s less accurate than a pre-qualification since it’s based solely on what you tell the lender rather than your actual financial data.February 10, 2011 at 11:56 am #106208
A pre-qualification is where they look at your numbers.. and trust you on your income, debts etc. A pre-approval.. they MUST pull credit to verify all those items. THe thing is that a credit pulled is good for about 90 days,after which they have to pull credit again. You should be able to use that score to give you an idea of where you stand now. You know if you have missed any payments or done anything since they pulled it to hurt it. If not, it should go up a bit over time. It takes 3-5 points when they pull credit so you only need to worry if you are borderline (say 640 or so).
Good luckFebruary 10, 2011 at 12:41 pm #106209
The only way to do it is by pulling your credit. Everything is automated, & without your report, you can’t get it done! It will not lower your score by pulling it again either.February 10, 2011 at 1:31 pm #106210
You can’t. A credit pull is an essential part of the process.February 10, 2011 at 2:30 pm #106211
Applications are only good for 90 days and after that you have to re-qualify all over again. Credit reports, pay stubs, everything…February 10, 2011 at 3:29 pm #106212
If you are not prepared to purchase a house why are you going through all the trouble of getting pre-approved or qualified to purchase a house.
When you know you are ready then you should to to a mortgage broker to get pre-approved.
You are wasting a lot of people’s time as well as yours by going through the motions each time you get a spare minute on your hand and you now decide that you want to see if you are still pre-approved for a mortgage.
It take approximately 2-3 weeks to get pre-approved. In some instances it could be less if you are able to get all the documents required. After which you then can find a real estate agent to assist you in finding a property to purchase.
In order to get pre-approved for a mortgage it is required a credit report be obtained on you and anyone else that will be on the mortgage with you.
Normally if you are looking for a mortgage and it is done within a certain time frame you will not lose any credit points. Doing it the way you are doing it cause you to loose credit points. That is spreading out your pre-approval dates more than 30-45 days.
I hope this has been of some use to you, good luck.
“FIGHT ON”February 10, 2011 at 3:34 pm #106213
No. Pre-qualifying requires having your credit pulled. Don’t believe everything Brokers throw at you.
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